“The weakness in the dollar is going to be incredibly good for the large drug companies over the next three to five years, as the emerging market nations load up brand new hospitals and brand new health clinics with products. We want to provide that to them.”

On the other hand, Williams said he prefers the small and mid-cap companies.

“You have liquidity back in the bond markets, you have a lot of M&A activity picking up and that should bode very well for those areas,” he said. “We’re not talking about bottom feeding at this point—we’re talking about high-quality small- and mid-cap stocks.”